K.O. Chia, Jamie Paton, Allan Homeming, Eric Chan, John Levack, Kevin Yip

It is another busy year on this front. The industry is actively promoted through regular participation in various conferences, forums and media interviews and articles which provided the opportunity for the Association to raise its profile. This also included the time consuming role of acting as judges as business competitions such as the HSBC Young IT Entrepreneur Awards.
Those who have helped represent HKVCA during the year were:
Roger Marshall, Richard Roque,Vincent Chan, Kevin Yip, Hanson Cheah, K.O. Chia, Eric Chan, Allan Homeming, Jamie Paton, Stephen King

HKVCA organised its 5th Annual Venture Capital/Private Equity Partnership Conference "Hong Kong Survival and Resilience" (SAR) in association with the Hong Kong General Chamber of Commerce on September 22, 2003 following the turmoil of 2002-3 brought on by the Middle East was and the SARS outbreak, the weak global economy. It was a tremendous success attracting an audience of 350 venture capital, private equity practitioners, corporate executives; and CEOs, entrepreneurs and service providers. The conference covered many interesting aspects of private equity and its value added role in building businesses particularly in difficult times


Aug. 21, 2003
CityU Technology Transfer Forum 2003-2004
Sept. 9, 2003 Financing Sustainable Development Conference
Sept. 25-26, 2003 5th Asian Industrial Technology Congress 2003 (AITC'03)
Oct. 7, 2003 High Technology Venture Summit 2003
Oct. 13, 2003 Investment Opportunity in Korea's Future, SMEs (held in HK)
Oct. 27, 2003 SME Development Fund (SDF) Project of "Technology & Investment Fair CEPA-Invention and Intellectual Properties as a platform of HK Economic Growth & Development for SME"
Nov. 7, 2003 Invitation to a Talk to MBA Students -"Development Prospects of VC Investment"
Nov. 25, 2003 Pre-event Press Conference - HK Professional Services Expo
Nov. 26, 2003 The Enterprise Governance Forum 2003
Jan. 14, 2004 Seminar on "Managing Corporate Assets, Family Wealth & Initial Public Offerings "
Jan. 16, 2004 Global Entrepreneurship Monitor HK & Shenzhen Study 2003 Forum "Enabling Entrepreneurship"
Jan. 17, 2004 Judge for CUHK 2004 New Venture Business Plan Competition
Feb. 25, 2004 Visit of the Canadian Nanotechnology Mission
Feb. 10-11, 2004 2004 International Technology Conference on "Technology Drivers for Tomorrow Photonics & Bio-photonics"
March 22, 2004 HK/Shijiahuang Business Venture Forum
May 5, 2004 PolyU-Chan Siwei Seminar - "Fictitious Economy & China's Financial Reform"
May 19, 2004 Briefing seminar on YRD business opportunities
May 21, 2004 CityU Technology Transfer Forum
May 31, 2004 Pan-PRD Regional Cooperation & Development Forum
June 17, 2004 Hong Kong Exchanges & Clearings - ¡§Mark the Start of its 5th Year as a Listed Company¡¨
June 28, 2004 Seminar & Reception for the Technology Mission from Canada

The following meeting and media interviews took place:

July 19, 2003
SCM Post interview with Eric Chan and AHM
Nov. 6, 2003 The Sun interview with VC
Nov. 29, 2003 Cable TV interview with KOC
Feb. 13, 2004 Meeting with Milan and the Lombardy Region (Italy) Dr. Sandro Bicocchi / Dr. Pietro Mentasti
May 2004 Capital Magazine Issue No.204 posted an article for the interview with Jean-Bernard Schmidt


Sept. 17, 2003
Sweden Agency, Shanghai
Sept. 29, 2003 Pole Quebec Chaudiere-Appalaches, Canada in Hong Kong
Dec. 8, 2003 Israel CFO Delegation to Hong Kong
Feb. 26, 2004 A delegation of Ernst & Young from Israel
May 14, 2004 A delegation led by Minister of State of SMEs



Vincent Chan, Timothy Shen, Johnny Chan, Anthony Fan, Duane Kuang, S.C. Mak, Roman Shaw, Stanley Kwok

With the facilitation of closer ties with Pearl River Delta through Closer Economic Partnering Arrangement (CEPA), and the growing integration with China, the China Committee continues to build on relations with governmental and business groups as well as the provincial and other local venture capital associations in China to develop areas of mutual benefit. A more formal arrangement has been set up in Chengdu where HKVCA has a regional laision office for Western China. HK venture capitalist and private equity firms continue to invest heavily into China leading the way in terms of investment expertise and knowledge in China.


Sept. 9, 2003
HK-The Global Portal for Mainland Companies (IT Seminar in Guangzhou)
Nov. 27, 2003 Business Opportunities of Shenzhen Futian Technology Achievements (held in HK)
Jan. 8-9, 2004 3rd China Venture Capital annual Forum - 2003 Review & 2004 Outlook - "Hunting for the New Growth Engine in China"
March 24-25, 2004 Promotion at Yangtze river Delta
May 21, 2004 Shanghai Information Technology Enterprises Seminar on Business Opportunities and Investment Environment in Hong Kong
May 21-22, 2004 Seminars on Investment Environment and Financing in Hong Kong for Mainland High Tech Enterprises in Beijing
May 27, 2004 Technology Services System Conference in Chongqing


Dec. 3, 2003
Technology in China (held in HK)
Dec. 18, 2003 2nd Shanghai Hi-Tech Seminar
April 2-3, 2004 6th Annual China VC Forum 2004 (held in Shenzhen)
June 18, 2004 2004 Fujian Venture Capital Forum


Aug. 4-5, 2003
A delegation to Guangzhou, Zhuhai and Shenzhen
Sept. 4, 2003 A delegation from Shenzhen Longgang

Given that Taiwan is also an important part of the China investment triangle providing the technology component, a HKVCA mission was sent to Taiwan to strengthen ties with the local venture capital association and with local venture capital associations and corporations

Oct. 21-22, 2003
A 10-member delegation to Taiwan

A panel of legal and industry experts and PRC Ministry representative explored the implications of the new Mergers and Acquisition laws and the new VC rules for foreign and domestic investors. The 150 participants gathered for the day at the Ritz Carlton found the in depth discussions and exchanges were enlightening and very useful.

Monica Tsui, Jamie Paton, Allan Homeming, Stephen King

A corporate governance guideline had been set out. The Committee plans to put forward proposals on Valuation guideline and standard documentation.

Varun Bery, Hanson Cheah, Peter Lee

A new format of networking has taken the place of our traditional monthly luncheon speaker program. Breakfast meetings which allowed for more interaction had been well received. The Christmas party featuring the "Late Bloomers" Band had also been a good networking opportunity. A sporting event was organised for the first time. "The Inaugural Golf Day" held in April at the HK Golf Club met with much enthusiasm with 48 participants enjoying a fun filled day. The success for the event ensured that it will be on the annual calendar of the Association.


May 23, 2003
Meeting on ¡§Crisis Management in LPs and portfolio campanies - SARS and other fundamental market changing conditions¡¨ - spoke by Adam Salzer, Executive Chairman of The Salzer Group
Oct. 23, 2003 Meeting on ¡§Managing the offshore outsourcing¡¨ - spoke by Tim Catling, Partner, PA Consulting Group
Dec. 10, 2003 X'mas Cocktail
Jan. 29, 2004 ¡§The Psychology of Investment¡¨ - spoke by Philippa Huckle, Founder and CEO of The Philippa Huckle Group
Feb. 19, 2004 Meeting on :"Capital Raising for Private Banks" ¡V spoke by Nigel Webber, Managing Director, Head of Investment of HSBC Republic
March 25, 2004 Luncheon Meeting spoke by C.D. Tam of HK Science and Technology Parks Corporation
March 31, 2004 Breakfast Meeting spoke by Jean-Bernard Schmidt, Chairman of EVCA, and Martin Haemmig, Author of ¡§The Gobalization of Venture Capital¡¨
April 22, 2004 The Inaugural Golf Day held at Hong Kong Golf Club

Marcus Thompson, Monica Tsui, Collin Lau

As the industry matures, there is now a clear need to improve fund governance and investor transparency. One the key task for the Association this year is to develop Investment performance measurement. HKVCA partnered Thompson Financial Group to produce the HKVCA Yearbook for 2000 and 2001 however it lacked full data and had limited usefulness. During the year, the Committee had spent a considerable time improving the format of the survey to ensure it produces accurate and meaningful data and also to ensure its fullest confidentiality. All members are urged to support this effort as it is critical to the continued flow of funds into the asset category.

Kevin Yip, Marcus Thompson, Monica Tsui

The Hong Kong government had set out a proposed amendment to the Exemption of Offshore Tax in Hong Kong. HKVCA submitted a consultation paper on the position of the private equity industry to protect its current tax exempt status. Details of the paper is on our website.

Adrian Lam, Richard Roque, Roger Marshall, Kevin Yip, Hanson Cheah

The Asia Venture Capital and Private Equity Alliance was initiated by HKVCA in 2001 to jointly promote the development of the industry on a regional wide basis. Members of the Alliance include Singapore, Malaysia, Thailand, Taiwan, Korea, and Indonesia. Kevin Yip represents HKVCA as Co-Chairman of the APVCA. The key tasks of the Alliance are in strengthening communication and networking among members of the industry as well as investors. APVCA meets via telephone monthly to review matters of common interest.

Hanson Cheah, Peter Lee, Varun Bery

As at the end of December 2003, the Association has 123 members, of which 66 are full members and 57 are associate members. The represented a decrease of 14 members during the year due to attrition of many firms during the downturn of the economy.

The website format was revamped and changes will continue to be made to improve communication with members and the public.